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Representative APR 49.9% Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%.New Horizons is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender.

Short term loans online – How do they work?

Many direct lenders such as Lender Name offer short term loans in the UK. Designed to provide you with a small amount of cash as fast as possible, these loans are very useful when you suddenly find yourself needing extra funds. Ideal for emergencies such as car or home repairs, short term loans allow you to quickly borrow the money you need. Because such loans are often needed suddenly and quickly, many direct lenders such as Lender Name now offer short term loans online. These loans enable you to use your smartphone, tablet or laptop to apply for a loan almost anywhere and anytime.

Loans for bad credit – Can I get a loan?

The answer is yes. In the past, a bad credit scores often made it very difficult to get a loan; especially one that suited your needs and offered competitive terms. Money lenders have traditionally used credit scoring to decide whom they lend to. A bad credit score often meant a lender was less likely to lend a person money because they were perceived as a risk in regards to their ability to repay loans back. To make matters worse, there was no agreed credit score or rating amongst lenders. Therefore, lenders often scored applications differently using their own criteria; making it extremely difficult to know which lenders were most likely to say yes and provide loans for bad credit before you applied.

Wonga loans

To ensure our customers are completely satisfied, New Horizons only deals with lenders that are fully authorised and who offer full transparency and fair practices regarding their loans. One such lender was Wonga. Launched in 2007, Wonga had quickly grown into one of the biggest and most-recognised direct lenders operating in the UK. One of the reasons for the amazing growth of Wonga is how it has revolutionised the way people take out loans.

Seeing the need for convenience and speed in the money-lending industry, Wonga created technology that allows the application process to be fully automated. What this did was significantly reduce the time needed to get such a loan, eliminating as it did the need to meet someone in person and fill out endless paper-based forms. This new online way of giving people access to short-term, small personal loans via their computers and smartphones has changed the market forever; with all major direct lenders now offering similar loans like Wonga.

Renowned for its transparency, Wonga believed that people should be given as much information as possible before they borrow money, such as with payday loans. Therefore, the company provided full details regarding what a person must repay and of course when, as well as a detailed breakdown of how much they owed. Focusing on small personal loans, most Wonga loans are short-term, often up to 35 days, and for amounts ranging from £100 up to £3,000.

Featuring a convenient single repayment that is taken from your account via direct debit, Wonga loans can be very useful because they are so fast and simple to apply for.

Wonga are no longer offering new loans as they are in administration

Lending Stream Loans

Established in 2008, Lending Stream has quickly grown into one of the country’s leading small loan direct lenders. With an excellent reputation for providing quality short-term loans.

Lending Stream places an emphasis on first-class customer service. As such, it offers a variety of loans that are available both online and via the telephone; all of which are designed to be as easy and straight-forward as possible. Therefore, you can get the money you need quickly and with minimum fuss.

Specialising in small, short-term loans, Lending Stream strives to offer affordable alternatives to traditional payday loans. Offering a range of short-term loans ranging from £50 to £1,500, what makes Lending Stream different to other lenders is the amount of time they allow for loans to be repaid. Offering repayment plans of up to 6-months.

Lending Stream enables you to create an affordable and flexible plan that helps to eliminate some of the stress often associated with short-term loans, such as payday loans. This flexibility extends to being able to repay your loan back earlier if you need to do so and without the worry of any hidden fees.

Understanding that everyone is different and therefore require different things from their loans, Lending Stream strives to create loans that are available to all, including those with bad credit ratings and those with no guarantors.

PaydayUK loans

One of the many short term lenders is Payday UK. PaydayUK is a respected UK-based lender that is fully authorised and regulated by the Financial Conduct Authority. Offering a variety of loans, the lender focuses on providing affordable, bespoke small loans. Knowing that everyone is different, this lender does everything it can to offer loans that meet the unique requirements of each individual customer.

As such, PaydayUK offers a variety of small loans, including payday loans. Ranging from £100 to £2000, these loans also come with the option of being repaid over both short-term and more longer-term. Understanding that sometimes it is difficult to automatically repay a loan, PaydayUK offers various repayment options. This means you can get a small loan that is repayable over 1 – 12 month instalments. What this does is allow you make smaller, more convenient repayments that are more suited to your needs.

Committed to responsible lending, PaydayUK provides complete transparency regarding its loans. Offering its loans online, PaydayUK has strived to make its application process incredibly easy. Whether you want to apply online or prefer to speak to a person on the telephone, the lender promises to give you a decision as quickly as possible.

Whilst serving as a responsible lender, PaydayUK understands that people with bad credit still need loans. Performing affordability and credit checks on all applications, the PaydayUK works hard to enable people with a poor credit record the ability to still get loans.

Quick Quid & Pounds 2 Pocket loans

Quick Quid are one of the biggest and most trusted lenders currently operating in the UK. Created to provide lenders with bespoke loans, Quick Quid & their sister company Pounds to Pocket are dedicated to proving flexible loans and repayment plans. As such, Quick Quid has helped over one million customers in the UK manage their expenses more comfortably.

Fully authorised by the FCA, Quick Quid loans are completely transparent; meaning you will be clearly told what you owe and when you need to repay it; protecting you from any hidden fees or charges. Like many modern lenders, Quick Quid and PoundstoPocket offers a wide-range of short-term loans, including payday loans.

Furthermore, because of increased competition amongst lenders, many now offer a wide-range of loans, including those for people without guarantors. Understanding that some people want a longer repayment period than such loans traditionally offer, there is now a large variety of small loan repayment plans available.

Whether you are looking for 1-month, 2-month or 3-month repayment period, Quick Quid & Pounds to Pocket will do everything it can to give you a loan that best suits yours needs.

118 118 Loans

118 118 Loans are perhaps one of the most well-known of the new direct lenders that have appeared in the UK in recent years. Created to give people easy access to small loans, 118 118 Loans is particularly focused on helping people who would normally struggle to be approved for loans because of bad credit.

Understanding that poor credit history is often not a true reflection of a person’s ability to repay a loan, 118 118 Money performs credit checks that will take such things into consideration when processing your loan. Offering loans ranging everywhere from £100 – £5,000, Sunny has created an online application process that can be completed in just minutes.

Because 118 118 Loans understands that small loans, such as payday loans, are usually required quickly, you will often be given a decision almost immediately. What this means is that you can get the money you need into your account often within 15 minutes of your application being approved.

Offering flexible repayment plans, 118 118 loans gives you complete control of your loan by allowing you to manage it through your online account. This includes allowing you to choose how long you need the repayment period to be; enabling you ensure each repayment fits in with your monthly budget.

Furthermore, if you want to repay your loan earlier than agreed, 118 118 Loans will not penalise you for doing so. Featuring no applications fees, no admin fees and even no late fees, 118 118 Loans strives to be as transparent as possible for all of its loans so that you know exactly what you are borrowing, how much you owe and how long you have to repay it.

Wage Day Advance loans

The increasingly hectic nature of modern life has resulted in the demand for small loans that can be obtained very quickly and easily. As such, an increasing number of lenders are now offering a variety of wage day advance loans. Often featuring a short repayment period of around one month, these loans are designed to help tide you over until you get paid.

Understanding that such wage day advance payday loans are often needed suddenly and unexpectedly, direct lenders usually work very quickly to ensure you get the money into your account as quickly as possible.

After providing some personal details, your application will be quickly, sometimes almost instantly, processed. If you are successful, the money can often be in your account in hours or even less.

To make the process even easier and quicker, New Horizons will also show you which lenders are most likely to approve your application before you apply. Understanding that people’s personal situations can vary massively, we do everything we can to allow everyone equal access to credit regardless of their situation.

As we are an independent broker and not a direct lender, our role is to simply find the best lenders and wage day advance loans for you. Wanting to provide you with the greatest choice and ensure you have peace-of-mind, all of the lenders we feature are fully authorised by the FCA.

If you are struggling with your debts and require assistance. You can speak to the companies below, free of charge.

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New Horizons is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited. Registered in England and Wales (Company number 11757330/FRN 834535) Registered Office: Building 3, 566 Chiswick High Road, Chiswick Park, London, United Kingdom, W4 5YA. Flux Funding is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 806333. Licenced by the Information Commissioners Office, (registration number ZA496853)

Flux Funding is a licensed credit broker, not a lender. †New Horizons will not perform a credit check. If you are accepted by a lender, they will perform a credit search. *Once approved, your cash will be sent within 15 minutes. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures. **Based on the average number of applications in February 2020.

New Horizons does not charge customers a fee for using its services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement following an introduction through this website.